HFS CTC Reimbursements Allocation for FY24

Dear Colleague,

You are requested to disclose your CTC Reimbursement Allocation for FY24. The cut-off date for submission is April 18, 2023.

As per our compensation policy, employees having salaries in excess of Rs.20 lacs will be given able to claim reimbursements of expenses in defined categories. Basis disclosures made, employees can claim the reimbursements on a monthly basis or as per their requirements. The disclosed amount is deducted from the taxable salary however will continue to be part of the employee's CTC for the year.

In case the employee is unable to claim the amount disclosed during the year, the remainder unclaimed amount will be paid to the employee post-tax deductions after the financial year ends.

For the purpose of claims, the scanned copies need to be submitted online in Darwinbox under the Reimbursements tab. Employees should ensure their physical bills which include GST reach the payroll team latest by 5th of the every month.

Claim amounts:
A. Employees who have CTC of Rs. 20 Lacs to Rs. 30 Lacs, will be able to claim any amount, not exceeding 15% of their CTC amount.

B. Employees who have CTC in excess of Rs. 30 Lacs, will be able to claim any amount, not exceeding Rs.50000/- per month.

Please note: Disclosures are made for the financial year and no changes can be made during the course of the year.